The Drift Foundation, responsible for the Solana-based decentralized exchange (DEX) Drift, announced the DRIFT token launch and airdrop.
This significant event includes distributing 120 million DRIFT tokens, representing about 12% of the total supply.
120 Million Token Airdrop on Solana
The airdrop, which commenced on May 16, introduced a unique 2% bonus component, equivalent to 20 million tokens.
Eligible users will receive an initial allocation of tokens at launch and a bonus allocation unlocking over six hours. However, if they claim the initial 100 tokens immediately, they forfeit the bonus. The goal of this initiative is to discourage early selling and alleviate network congestion.
According to Cindy Leow, Drift’s co-founder, this approach shows commitment to improving user experience.
“Historically, airdrop claims have caused network congestion, resulting in a suboptimal user experience as tens of thousands of users and bots rush to claim their airdrop,” Leow said.
Read more: Best Upcoming Airdrops in 2024
The Foundation detailed its tokenomics and distribution plan. The airdrop is designed to recognize user participation and catalyze involvement in on-chain governance. This includes allocations based on early usage of Drift v2, trading activity, and participation in specific programs, ensuring a fair and inclusive distribution.
The token airdrop has garnered significant interest from major cryptocurrency exchanges. For instance, Coinbase has included the token in its roadmap, and Bybit has announced plans to list it. This early recognition from industry leaders testifies to the token’s potential and value.
It is worth noting that Drift has facilitated over $20 billion in cumulative trading volume and currently holds over $333 million in total value locked (TVL), according to DeFiLlama.
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